Record profit numbers — that were in line with the market’s expectations — would not usually be met with an 8 per cent slump in a company’s share price. But there were good reasons for the reaction to Toyota Motor’s first-quarter results.
The Japanese automaker continued its streak of record earnings for the June quarter with a 17 per cent increase in profit to ¥1.3tn ($8.7bn), in results announced on Thursday.
It has several things going in its favour. It is the biggest beneficiary of a global hybrid renaissance amid slowing demand for electric vehicles, especially in the US. Hybrid electric vehicle sales there grew 50 per cent last year.
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